While July & August are hot, the housing market is a bit cool.
This is good news for buyers, after reaching record highs for median pricing and new listings across the Denver metro area in May, a slight cooling began in June. July left many sellers nervous with homes taking more time to sell, with 45 days being the average time on the market. This cooling is similar to what has happened during July the past two years, helping create a few more opportunities for buyers and pushed sellers to price properties more competitively. All this is according to the latest monthly market data from the Colorado Association of Realtors.
Overall, the Colorado Housing Affordability Index – a measure of how affordable a region’s housing is to its consumers is based on interest rates, median sales price, and median income by county – says all of this has slightly improved for buyers in comparison to June 2018. Fortunately for everyone, the big news this week was the Federal Reserve lowered interest rates to keep the economy stimulated.
While all this is good news for buyers, it still must be kept in perspective. Nationally, Denver’s housing inventory still remains low! The bubble isn’t bursting in Denver, and thankfully it is notforecast to burst. What we are feeling now is a seasonal shift. The greatest price appreciation is typically seen between February and June. Fortunately September and October has historically brought a second selling season before the holidays. Sellers take note!
Suzie Sparling, Broker Associate
Colorado Legacy Home Team
Keller Williams Realty DTC
firstname.lastname@example.org | www.ssparling.kw.com